You will be unavailable to her (and kids if you have them) physically and mentally most of the time, being immersed in the rehab of your property.

@Nick Filippides, You can do a 1031 exchange on that property since it is being used for investment. 

I would not take that risk, some would some would not.Real estate is similar in regards to your terms should be based on the risk profile.As another comment mentioned, are you getting a mortgage and this a second position lien?

I estimate that will take about 8-10 months to get where I want to be. 

But it’s a privacy thing that you may or may not be able to work with.

He let me know that he didn't "think" the seller would be interested in financing and it hasn't sold because the owner wants full asking price ($330k). 

Even if you create a non-CA LLC, if you are managing the business from California, you will likely be deemed to be "doing business" in California and therefore likely subject to CA taxes.

I'd also be happy to chat with you after as much as you'd like.

Hey guys just  creating some dialogue but if you were going to buy and hold in a new market what would be some great questions to vet a property management company?  

I'm located in Central NJ (Monmouth County) and own a property management company (PMI Inspired) that would be able to help you with your goals of investing this year.